金融学院知识库

我国经济历经四十余载的高速增长，逐渐暴露出长期积累的问题。过往的高速发展往往以牺牲资源和环境为代价，其粗放型模式已难以满足当代经济发展的需求。因此，我国经济正逐渐从高速增长转向高质量发展阶段，在这一转型过程中，国家强调创新的核心地位，推进包括理论、制度、科技和文化等多方面的创新。制度创新作为影响经济社会发展的重要因素，特别是非正式制度，在中国非正式制度与经济社会之间存在着密切的耦合和互动关系，对经济社会发展具有推动作用。随着经济社会实践的进步，非正式制度也会发生相应的变迁。当非正式制度适应经济社会发展的客观要求时，能够显著促进金融和经济社会的发展。同时，在我国经济体制不断完善和深化的背景下，企业融资约束问题成为制约经济发展和转型的关键因素。据国务院发展研究中心发布的报告显示，“融资难”和“融资贵“是企业发展的重要制约因素。因此，打破企业融资困境、提升融资水平成为当前亟待解决的问题。

在此背景下，本文选取2016-2020年A股上市公司作为样本，以内部控制为切入点，深入研究非正式制度对企业融资约束的影响。通过梳理国内外相关文献，结合信息不对称理论、委托代理理论、传统型权威理论和声誉理论，理清关键脉络，根据非正式制度对融资约束的影响构建了综合分析框架，分析传递机制并提出相应假设；借鉴实证分析法研究非正式制度、内部控制与企业融资约束三者关系并验证假设，为保证研究的严谨性和可靠性最后进行了稳健性检验。研究发现，非正式制度能够有效缓解企业融资约束程度；同时，非正式制度的完善程度与企业存在的内部控制缺陷程度呈负相关关系；最后，内部控制缺陷在非正式制度与企业融资约束之间起到了中介作用。基于上述研究结论，本文提出了一系列对策与建议，旨在从不同方面缓解企业面临的融资约束现状，为上市公司解决筹融资困境提供参考，进一步完善资本市场制度建设。这些建议不仅有助于推动我国经济的高质量发展，也为未来的研究提供了重要的启示和借鉴。

After more than 40 years of rapid economic growth, China has gradually exposed long-term accumulation problems. The rapid development in the past often came at the cost of sacrificing resources and environment, and its extensive model is no longer able to meet the needs of contemporary economic development. Therefore, China's economy is gradually shifting from high-speed growth to a stage of high-quality development. In this transformation process, the country emphasizes the core position of innovation and promotes innovation in various aspects including theory, system, technology, and culture. Institutional innovation, as an important factor affecting economic and social development, especially informal institutions, has a close coupling and interactive relationship between informal institutions and the economy and society in China, which has a promoting effect on economic and social development. With the progress of economic and social practice, informal institutions will also undergo corresponding changes. When informal institutions adapt to the objective requirements of economic and social development, they can significantly promote the development of finance and the economy and society. At the same time, in the context of continuous improvement and deepening of China's economic system, the issue of corporate financing constraints has become a key factor restricting economic development and transformation.According to a report released by the Development Research Center of the State Council, "difficulty in financing" and "high cost of financing" are important constraints on the development of enterprises. Therefore, breaking through the financing difficulties of enterprises and improving their financing level has become an urgent problem to be solved.

In this context, this article selects A-share listed companies from 2016 to 2020 as samples, and takes internal control as the entry point to deeply study the impact of informal institutions on corporate financing constraints. By reviewing relevant literature both domestically and internationally, combining information asymmetry theory, principal-agent
theory, traditional authority theory, and reputation theory, the key context is clarified. Based on the impact of informal institutions on financing
constraints, a comprehensive analysis framework is constructed to analyze the transmission mechanism and propose corresponding hypotheses; Drawing on empirical analysis to study the relationship between informal institutions, internal controls, and corporate financing constraints, and verifying hypotheses, a robustness test was conducted to ensure the rigor and reliability of the research. Research has found that informal institutions can effectively alleviate the degree of financing constraints on enterprises; Meanwhile, there is a negative correlation between the degree of improvement of informal institutions and the degree of internal control deficiencies in enterprises; Finally, internal control deficiencies play a mediating role between informal institutions and corporate financing constraints. Based on the above research conclusions, this article proposes a series of countermeasures and suggestions, aiming to alleviate the financing constraints faced by enterprises from different aspects, provide reference for listed companies to solve financing difficulties, and further improve the construction of capital market systems. These suggestions not only contribute to the high-quality development of China's economy, but also provide important insights and references for future research.